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Private Equity Health Care Acquisitions – May 2023

June 20, 2023

In light of the growing investor interest in healthcare and the risks associated with private equity ownership of healthcare companies, the Private Equity Stakeholder Project is tracking private equity-backed healthcare acquisitions. Below is a list of private equity healthcare buyouts, growth investments, and add-on acquisitions completed or announced during May 2023. We will continue to track acquisitions on a monthly basis.

See April 2023 acquisitions here.

See all our 2022 acquisitions updates here.


Cancer Treatment

Private equity’s push into oncology services continued in May with OneOncology’s acquisition of two new practices: Coastal Cancer Center in Myrtle Beach, SC and Pacific Cancer Care in Monterey, CA. The deals bring OneOncology’s reach to 18 practices across 14 states.[1]

OneOncology is currently owned by private equity firm General Atlantic, though it is slated to be sold to TPG Capital and AmerisourceBergen Corporation in a $2.1 billion deal expected to close September 2023.[2]

Private equity investment in oncology services has grown in recent years. A new study published in JAMA in May found that over 700 oncology clinics were acquired by or affiliated with a private equity firm between 2003 and 2022. Just 23 PE-owned platforms accounted for the deals. In seven states, private equity-backed providers accounted for over a quarter of all oncology clinics.[3]

The study’s authors conclude that “As increasing consolidation continues to affect the landscape of independent oncology practices, patients may face additional barriers to both accessibility and affordability of care.”[4]

In an editorial response to the study, Cary P. Gross, MD, of Yale School of Medicine and two other physicians commented that private equity firms may be attracted to oncology in part due to “profit potential directly related to the volume of chemotherapy administered and payment of oncologists as a percentage of the sales price of these increasingly high-priced drugs.”[5] Currently, oncologists are reimbursed at 106 percent of the average sales price for drugs.[6]

High potential to profit for cancer treatment may not be enough to buoy the high debt loads characteristic of many private equity-owned companies; international radiotherapy giant GenesisCare, owned by KKR, filed for Chapter 11 bankruptcy on June 1 after struggling under a debt load stemming in part from the private equity firm’s $1.5 billion takeover.[7]


Clinical Research

At least eight private equity deals in May involved companies in the clinical research and clinical trial space, consistent with the trend of increasing private equity investment in clinical trials and research.

The largest is a $7.1 billion buyout of biopharmaceutical contract research organization (CRO) Syneos Health. Syneos specializes in operating late-stage clinical trials.[8] Elliott Investment Management, Patient Square Capital and Veritas Capital have partnered to take the company private.[9]

In another big deal, Warburg Pincus and Advent International have agreed to buy Baxter International’s biopharma solutions unit for $4.25 billion. Although more broadly focused on contract manufacturing, the BioPharma Solutions business includes clinical research services.[10]

PE deals involving clinical research companies – May 2023

CompanyPE FirmPlatform CompanyDeal Type
Centricity ResearchTrinity Hunt PartnerBuyout
Alliance Clinical NetworkAmulet Capital PartnersBuyout
Central Research AssociatesNew MainStream CapitalFlourish ResearchAdd-on
AMC ResearchNew MainStream CapitalFlourish ResearchAdd-on
Libra MedicalLinden Capital PartnersRQM+Add-on
Morgenesis (point of care subsidiary)Metalmark CapitalGrowth/Expansion
Syneos HealthPatient Square Capital, Veritas Capital, Elliott ManagementBuyout
Clinvest ResearchKohlberg Kravis RobertsHeadlands ResearchAdd-on


Reuters reported in January that investors are capitalizing on a quickly-growing gap between the supply of capital for clinical research and the number of drugs competing for it. Reuters cited Evaluate Pharma, a healthcare research firm, noting that “Annual spending on pharmaceutical research and development globally is projected to rise to $254 billion by 2026 from around $200 billion in 2020.”[11]

Investor appetite for clinical research also extends beyond pharmaceuticals. Last month’s acquisitions include MedTech company RQM+’s buyout of Libra Medical. RQM+ provides clinical and reimbursement services for medical devices throughout their lifecycle, including clinical trials.[12] It is owned by Linden Capital Partners,[13] which also owns Evolution Research Group, another CRO. [14]

Add-On Acquisitions

CompanyCompany TypeType 2PE Firm(s)Add-on Platform
Pear Therapeutics (Somryst)Telehealthinsomnia treatmentAlfa Framtak, Vestar Capital PartnersNox Medical
Ovation FertilityOutpatient carefertility treatmentAmulet Capital Partners, Barton Technology VenturesUS Fertility
US Pharma LabPharmaceuticalscontract manufacturingArdianBiofarma Group
Cohen Medical AssociatesOutpatient careprimary careAscend PartnersMedical Specialists of the Palm Beaches
EversoundMedtechhearing servicesAtlantic Street Capital, Ebridge Ventures, Ocean Avenue Capital PartnersUniguest
Louisiana Ear Nose Throat & SinusOutpatient careear, nose, and throatAudax GroupElevate ENT Partners
Alzheimer’s Memory CenterMemory careBarton Technology Ventures, New MainStream CapitalFlourish Research
Melax TechHealth ITclinical research data solutionsBarton Technology Ventures, Thomas H. Lee PartnersIntelligent Medical Objects
Digirad HealthDiagnostic imagingBrookside Capital Partners, Sentinel Capital Partners, Source CapitalTTG Imaging Solutions
Vyaire Medical (Respiratory and Anesthesia Consumables Business)MedtechDempsey Ventures, Frazier Healthcare PartnersSunMed
PharmaSysHealthcare consultingpharmaceutical complianceEQTEllab
Denver Wellness AssociatesBehavioral healthFive Points Capital, Thurston GroupARC Psychiatry
Silver Lake PsychologyBehavioral healthFive Points Capital, Thurston GroupARC Psychiatry
Sheridan Insurance GroupHealthcare administrationrisk managementFlexpoint Ford, Genstar Capital, Maranon Capital, The Carlyle GroupAlera Group
Coastal Cancer CenterOutpatient careoncologyGeneral AtlanticOneOncology
Pacific Cancer CareOutpatient careoncologyGeneral AtlanticOneOncology
ACLS Medical TrainingMedical educationGreyLion, Redhawk Investment Group, Vestar Capital
Marathon ProductsMedtechHarbour GroupSpotsee
Care & Help Home CareHome healthInTandem Capital PartnersHouseWorks
Clinvest ResearchClinical researchclinical trialsKohlberg Kravis RobertsHeadlands Research
Spokane UrologyOutpatient careurologyLee Equity PartnersSolaris Health
The Ageless CenterCosmetic surgeryLeon Capital GroupAdvanced MedAesthetic Partners
Libra MedicalContract research organizationclinical trialsLinden Capital PartnersRQM+
FIRM Revenue Cycle Management ServicesHealth ITrevenue cycle managementLinden Capital Partners, Varsity Healthcare PartnersAspirion Health Resources
Med EmporiumHome healthrespiratory servicesMaranon Capital, New Harbor CapitalAdvent Home Medical
Central Research AssociatesClinical researchNew MainStream CapitalFlourish Research
AMC ResearchClinical researchNew MainStream CapitalFlourish Research
Kovak Cosmetic CenterCosmetic surgeryPrinceton Equity GroupMedSpa810
Anderson Family DentalOutpatient caredental careRallyday PartnersEspire Dental
Positive Change Counseling CenterBehavioral healthSaratoga Investment BDC, Thurston GroupARC Psychiatry
Spring Hill Eye CenterOutpatient careeye careSBJ CapitalSight360
Consolidated Marketing GroupHealth insurance brokerSilver Lake, Government of Singapore Investment Corporation, Harvest PartnersIntegrity Marketing Group
Ear Institute of TexasOutpatient careear, nose, and throatTrinity Hunt PartnersParallel ENT & Allergy Partners
Gastroenterology Associates of TidewaterOutpatient caregastroenterologyWebster Equity PartnersOne GI



CompanyCompany TypeType 2PE Firm(s)
Baxter BioPharma SolutionsPharmaceuticalspharmaceutical manufacturingAdvent International, Warburg Pincus
Alliance Clinical NetworkClinical researchAmulet Capital Partners
GreenLight BiosciencesBiotechFall Line Capital
HEMGENIXPharmaceuticalsgene therapyHealthCare Royalty Partners, Sagard Holdings
AleraCarePharmacy servicesHildred Capital Management
The Aesthetic Center for Plastic SurgeryCosmetic surgeryLatticework Capital Management
Canyon LaboratoriesLaboratory servicesIRB servicesMedVenture Health
ApixioHealth IThealthcare data softwareNew Mountain Capital
Syneos HealthContract research organizationclinical trialsPatient Square Capital, Veritas Capital and Elliott Management
Centricity ResearchClinical researchclinical trialsTrinity Hunt Partner
DermAssociatesOutpatient caredermatologyUndisclosed
Baxter International (Biopharma Solutions)MedtechWarburg Pincus, Advent International


Growth Investments

CompanyCompany TypeType 2PE Firm(s)
The Dermatology SpecialistsOutpatient caredermatologyGarMark Partners
Quince Orchard PsychotherapyBehavioral healthGraham Software Development
Prescott’sMedtechsurgical microscopesLinden Capital Partners
Morgenesis (point of care subsidiary)Clinical researchMetalmark Capital
HealthworksStaffingmedical educationNewSpring Capital
Apollo Optical SystemsMedtechimaging equiment manufacturingPike Street Capital
AEG VisionOutpatient careeye careUndisclosed
U.S. Renal CareOutpatient caredialysisUndisclosed
Upperline HealthOutpatient carepodiatry, wound careUndisclosed
Beghou ConsultingHealthcare consultingVarsity Healthcare Partners
Gastro MDOutpatient caregastroenterologyVesey Street Capital Partners





[1] OneOncology, “OneOncology Inks Partnership with Two Independent Practices,” PR Newswire, May 3, 2023,

[2] “TPG And AmerisourceBergen to Acquire Leading Specialty Practice Network OneOncology from General Atlantic,” One Oncology, April 20, 2023,

[3] Kevin Tyan, Miranda B. Lam, and Michael Milligan, “Private Equity Acquisition of Oncology Clinics in the US From 2003 to 2022,” JAMA Internal Medicine, May 1, 2023,

[4] Kevin Tyan, Miranda B. Lam, and Michael Milligan, “Private Equity Acquisition of Oncology Clinics in the US From 2003 to 2022,” JAMA Internal Medicine, May 1, 2023,

[5] Francis J. Crosson, Isabel R. Ostrer, and Cary P. Gross, “Private Equity in US Health Care—Now Cradle to Grave?,” JAMA Internal Medicine, May 1, 2023,

[6] Victoria Bailey, “Private Equity Firms Acquired Over 700 Oncology Practices in 20 Years,” RevCycleIntelligence, May 3, 2023,

[7] Dave Sebastian, “KKR-Backed Radiotherapy Group GenesisCare Files for Bankruptcy,” Wall Street Journal, June 1, 2023,

[8] Gabrielle Masson, “All the rumors are true: Syneos Health inks $7.1B acquisition with investment firm trio,” FierceHealthcare, May 10, 2023.

[9] Syneos Health Inc, “Syneos Health to Be Acquired by a Private Investment Consortium for Approximately $7.1 Billion,” GlobeNewswire News Room, May 10, 2023,

[10] Chris Newmarker, “Baxter to Divest Its BioPharma Solutions Business for $4.25B,” MassDevice, May 8, 2023,

[11] David Carnevali, “Private Equity Acquires a Taste for Drug Development,” Reuters, January 9, 2023, sec. Healthcare & Pharmaceuticals,

[12] “RQM+™ Acquires Libra Medical,” Business Wire, May 10, 2023,

[13] Linden Capital Partners, Accessed June 1, 2023.

[14] Linden Capital Partners, Accessed June 1, 2023.

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